GEO Group Increases 2022 Financial Guidance

(RTTNews) - The GEO Group, Inc. (GEO) has increased its financial guidance for the full year 2022 and has issued guidance for the third and fourth quarters of 2022. The company expects full year 2022 annual revenues of approximately $2.35 billion. Adjusted net income is projected to be in a range of $1.28 to $1.34 per share. Full year AFFO is estimated to be in a range of $2.40 to $2.46 per share.

For the third quarter, the company expects quarterly revenues of $603 million to $608 million. AFFO is expected to be between $0.55 and $0.57 per share.

For the fourth quarter, the company expects quarterly revenues of $600 million to $605 million. AFFO is estimated to be between $0.52 and $0.56 per share.

Excluding items, GEO Group reported second quarter adjusted earnings of $50.97 million or $0.42 per share. Analysts on average had expected the company to earn $0.31 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items. Bottom line totaled $53.73 million, or $0.37 per share compared with $41.96 million, or $0.29 per share, prior year. Revenue rose 4.0% to $588.18 million from $565.42 million last year.

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